Tag Archives: Kane County divorce lawyer

Divorce is almost always difficult. Even making the initial decision to leave your spouse can be extremely challenging. What follows is a process of untangling lives, separating assets, and allocating property fairly to each party. For those with substantial assets, however, divorce can be even more complicated. High-asset divorce is tricky for a number of reasons, and it is important that those divorcing with high-value assets choose an attorney with the knowledge and skill to properly assist their clients. Why is high-asset divorce more complicated? Most divorcing couples want to ensure they receive a fair settlement and that their assets are protected. The more assets a couple has, however, the more difficult separating them becomes.

Finding Assets

When a couple with significant wealth decides to separate, they must disclose all of their assets so that the marital estate can be properly divided. This can be difficult, as many high-net worth individuals have their money stored in a variety of different places. Retirement accounts, valuable items, off-shore investments, real estate, and all other assets must be located, disclosed, valued and equitably divided during divorce.

In some high-asset divorce cases, a spouse may attempt to hide assets from the other. This is not hard to do when working with multiple accounts and assets stored in a variety of locations and investment vehicles. Some parties require the assistance of a forensic accountant to meticulously comb financial records, investments, and bank accounts to ensure every asset is appropriately considered.

If you and your spouse will soon be getting a divorce, you probably know that you will be expected to divide your marital property between you. While you may not know exactly how that process will end up, you may already be thinking about which spouse, if either of you, will get to keep the marital home, who will get which car, and how to split the household furniture. In the stress and confusion of the divorce proceedings, however, you may be overlooking a very important—and possibly very valuable—asset. Experts claim that retirement investment accounts are the most commonly forgotten assets in divorce cases nationwide

Retirement Savings and Plans

Before marital property can be divided, both you and your spouse should provide one another with a full accounting of all of your assets and debts, even if you think he or she already knows about them. In some cases, this may require calls to old employers inquiring about the status of employer-funded retirement programs or plans. You may learn that you have forgotten about a 401(k) plan or similar account that was opened years ago. The same may be true for your spouse, and the money in such accounts, depending on when the accounts were funded, may be considered part of the marital estate.